Car Loan Interest Rates

Well, buying a shiny and glamorous four-wheeler is the dream of many individuals. But, in a nation where most of the people in middle class and have restricted source of income, spending the hefty amount in buying a car can be a costly affair. The time has changed, we are now living in a world where banks and financial institutions are offering car loans and car loan interest rates at affordable EMIs.

Car loans are not only easy to avail but also a great way to buy a car. However, you must know that car loans interest rates may vary from one bank to another. Apart from this, you must also qualify the eligibility criteria mentioned by the bank to avail car loan.

Here is a quick view of the  car loan interest rates offered by different banks and financial institutions :

Bank Name Interest rate Processing Fees Loan Amount Loan Tenure
HDFC Fixed Interest Rate- 8.40% – 10.35% Up to ₹ 4720 (it’s a one time fee) Minimum ₹ 1 Lac 1 -7 years
Axis Bank Fixed Interest Rate- 8.60% – 11.50% Up to ₹ 5000 Minimum ₹ 1 Lac
  1. 7 years
ICICI Fixed Interest Rate- 8.40% – 13.25% Up to ₹ 5000 (its one time fee) Minimum ₹ 1 lac 1-7 years
Dena Floating Interest Rate-9.15% ₹575 (it’s a one time fee) Minimum ₹ 1 lac 1-7 years
Federal Bank Fixed Interest Rate-9.75% ₹ 1500-  ₹ 2500 (it’s a one time fee) 1-5 years
Bank of India Floating interest rate- 9.25% ₹ 500+ ST ₹ 50 lac – ₹ 1 cr 7 years
Canara Bank Floating Interest Rate- 8.60% – 9.25% ₹ 1000 – ₹ 5000 7 years
Bank of Maharashtra Fixed Interest Rate- 8.95% 7 years
Indian Bank Fixed Interest Rate- 9.95% 0.229% (max. ₹ 10,191/-) (It’s a one time fee) Maximum ₹ 2 crore 7 years
Central Bank of India Floating Interest Rate- 8.70% Maximum ₹ 75 lac Seven years
IDBI Bank Fixed Interest Rate- 9.10% 0 7 years
L&T Finance Limited Fixed Interest Rate- 16% – 17% 2% Minimum ₹ 1 lac 7 years
Reliance Commercial Finance Fixed Interest Rate- 16% 1.25% (Min. ₹ 5,175)( It’s a one time fee) ₹ 50K – ₹ 15L 1-4 years
Yes Bank Fixed Interest Rate- 10.25% – 12.25% ₹ 5,000 to ₹ 10,000 (It’s a One time fee) Minimum 1 lac 1-7 years
State Bank of India Floating Interest Rate- 9.05% ₹0 7 years

What Loanyantra can do for a lower car loan interest rates :, known for the quickest disbursal and fastest process also helps you get loans from your favourite bank at lower interest rates. If you have a home loan, you can easily get a car loan from the same lender and at a lower interest rate. Get more tips and easiest ways from Also avail cash back offers on the car loan interest rates.

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